Against the backdrop of a surge in demand for AI servers and switches, the PCB (Printed Circuit Board) sector became the leading force in technology stocks on July 3. Companies such as Zhongjing Electronics, Bomin Electronics, and Industrial Fulian saw over ten stocks hit the daily limit, with the sector’s trading volume reaching a new high for the year. The core driving force comes from institutional estimates: the global PCB market for AI servers and switches is expected to exceed 52.5 billion yuan by 2025, and may reach 119.2 billion yuan by 2027, with a compound annual growth rate of 81%.
Widening Supply-Demand Gap for High-End PCBs
Currently, the production capacity of M8-level PCBs (with 16 or more layers) required for high-end servers is severely insufficient. Due to the technological competition between China and the U.S., leading companies are accelerating the transfer of production capacity to Southeast Asia (for example, the construction period for bases in Thailand has been extended to three years), resulting in a short-term supply gap that has widened by 30%. Companies like Jin’an Guoji and Pengding Holdings have raised prices for high-end boards by 15%, with order schedules extending to Q4 2025.
Domestic Substitution and Material Innovation as Dual Main Lines
Investment is primarily focused on two logical chains:
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Domestic Substitution Targets: Honghe Technology (high-speed copper-clad laminates certified by NVIDIA), Founder Technology (market share of PCBs for HPC has risen to 25%);
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Technology Iteration Pioneers: Zhongyi Technology (mass production yield of PET copper foil has exceeded 90%), Hongtian Co., Ltd. (solid-state battery electrode equipment extended to PCB plating).